Paragraph (2) of section 168(k) of the Internal Revenue
Code of 1986 is amended—

(1)

by striking
January 1, 2014 in subparagraph (A)(iv) and inserting
January 1, 2015, and

(2)

by striking
January 1, 2013 each place it appears and inserting
January 1, 2014.

(b)

Temporary 100
percent expensing

Paragraph (5) of section 168(k) of the Internal
Revenue Code of 1986 is amended—

(1)

by striking
2013 and inserting 2014, and

(2)

by striking
2012 each place it appears in the text and heading and inserting
2013.

(c)

Extension of
election To accelerate the AMT credit in lieu of bonus depreciation

(1)

In
general

Subclause (II) of section 168(k)(4)(D)(iii) of the
Internal Revenue Code of 1986 is amended by striking 2013 and
inserting 2014.

(2)

Round 3
extension property

Paragraph (4) of section 168(k) of such Code
is amended by adding at the end the following new subparagraph:

(J)

Special rules
for round 3 extension property

(i)

In
general

In the case of round 3 extension property, this paragraph
shall be applied without regard to—

(I)

the limitation
described in subparagraph (B)(i) thereof, and

(II)

the business
credit increase amount under subparagraph (E)(iii) thereof.

(ii)

Taxpayers
previously electing acceleration

In the case of a taxpayer who
made the election under subparagraph (A) for its first taxable year ending
after March 31, 2008, a taxpayer who made the election under subparagraph
(H)(ii) for its first taxable year ending after December 31, 2008, or a
taxpayer who made the election under subparagraph (I)(iii) for its first
taxable year ending after December 31, 2010—

(I)

the taxpayer may
elect not to have this paragraph apply to round 3 extension property,
but

(II)

if the taxpayer
does not make the election under subclause (I), in applying this paragraph to
the taxpayer the bonus depreciation amount, maximum amount, and maximum
increase amount shall be computed and applied to eligible qualified property
which is round 3 extension property.

The amounts described in subclause (II)
shall be computed separately from any amounts computed with respect to eligible
qualified property which is not round 2 extension property.(iii)

Taxpayers not
previously electing acceleration

In the case of a taxpayer who
neither made the election under subparagraph (A) for its first taxable year
ending after March 31, 2008, nor made the election under subparagraph (H)(ii)
for its first taxable year ending after December 31, 2008, nor made the
election under subparagraph (I)(iii) for its first taxable year ending after
December 31, 2010—

(I)

the taxpayer may
elect to have this paragraph apply to its first taxable year ending after
December 31, 2011, and each subsequent taxable year, and

(II)

if the taxpayer
makes the election under subclause (I), this paragraph shall only apply to
eligible qualified property which is round 3 extension property.

(iv)

Round 3
extension property

For purposes of this subparagraph, the term
round 3 extension property means property which is eligible
qualified property solely by reason of the extension of the application of the
special allowance under paragraph (1) pursuant to the amendments made by
section 2(a) of the Bonus Depreciation and
Small Business Expense Extension Act (and the application of such
extension to this paragraph pursuant to the amendment made by section 2(c)(1)
of such
Act).

.

(d)

Conforming
amendments

(1)

The heading for
subsection (k) of section 168 of the Internal Revenue Code of 1986 is amended
by striking January 1,
2013 and inserting January 1, 2014.

(2)

The heading for
clause (ii) of section 168(k)(2)(B) of such Code is amended by striking
pre-January 1,
2013 and inserting pre-January 1, 2014.

(3)

Paragraph (5) of
section 168(l) of such Code is amended—

(A)

by striking
and at the end of subparagraph (A),

(B)

by redesignating
subparagraph (C) as subparagraph (B), and

(C)

by inserting
after subparagraph (A) the following new subparagraph:

(B)

by substituting
January 1, 2013 for January 1, 2014 in clause (i)
thereof,
and

.

(4)

Subparagraph (C)
of section 168(n)(2) of such Code is amended by striking January 1,
2013 and inserting January 1, 2014.

(5)

Subparagraph (D)
of section 1400L(b)(2) of such Code is amended by striking January 1,
2013 and inserting January 1, 2014.

(6)

Subparagraph (B)
of section 1400N(d)(3) of such Code is amended by striking January 1,
2013 and inserting January 1, 2014.

(e)

Effective
date

The amendments made by this section shall apply to property
placed in service after December 31, 2011, in taxable years ending after such
date.

3.

Extension of
increased expensing limitations for certain depreciable business assets and
treatment of certain real property as section 179 property

(a)

In
general

Section 179(b) of the Internal Revenue Code of 1986 is
amended—

(1)

by striking
2010 or 2011 each place it appears in paragraph (1)(B) and
(2)(B) and inserting 2010, 2011, or 2012,

(2)

by striking
2012 each place it appears in paragraph (1)(C) and (2)(C) and
inserting 2013, and

(3)

by striking
2012 each place it appears in paragraph (1)(D) and (2)(D) and
inserting 2013.

(b)

Inflation
adjustment

Subparagraph (A) of section 179(b)(6) of the Internal
Revenue Code of 1986 is amended by striking 2012 and inserting
2013.

(c)

Computer
software

Section 179(d)(1)(A)(ii) of the Internal Revenue Code of
1986 is amended by striking 2013 and inserting
2014.

(d)

Election

Section
179(c)(2) of the Internal Revenue Code of 1986 is amended by striking
2013 and inserting 2014.

(e)

Special rules
for treatment of qualified real property

Section 179(f)(1) of the
Internal Revenue Code of 1986 is amended by striking 2010 or
2011 and inserting 2010, 2011, or 2012.

(f)

Effective
date

The amendments made by this section shall apply to taxable
years beginning after December 31, 2011.